Leasehold v Freehold

We are in the process of buying a house, however the contracts came today and it states the property is leasehold. Now it's for 966 years or something ridiculous, but is there anything we need to consider? Does this change things?

I know if my father heard it was leasehold he'd be very put off, but he has these 'ideas' so I'm wondering, does it really change anything? And is it a bargaining tool (doubt it, but worth asking)?

Thanks

An appartment is usually a leasehold I believe, so restrictions can be placed on the owners.
If it's a house, then you might be able to avail of the ground rent purchase scheme which allows you to buy out the leasehold for a multiple of the ground rent.
http://www.landregistry.ie/eng/About_Us/Ground_Rent_services/

I owned a house on a 1000 year lease. Didn't bother me. the ground rent was €6 a year. I owned it less than 10 years, and the ground rent was not collected, but if it was, it wasn't really a big deal.
You can buy out the lease, but the legal costs may not be worth it, if the lease is legally solid and the rent is low.

Lots of people of our parents generation have a problem with this, but this was a bit of landlord paranoia.

You should ask your solicitor to explain the details and get reassurance, but I wouldn't let it put me off a house purchase.

The Leasehold Advisory Service (funded by govt) can help with the questions that you have about this issue.

Tee

Buy the freehold through the Land Registry. It costs a fee plus several times the annual ground rent, approx. €400 in total, as far as I can remember.

There are two options 1) by Consent; and 2) by Arbitration. The Arbitration route is preferable as you buy the freehold from the Land Registry, rather than seeking out the landlord and obtaining their consent for a fee.

SM